Different Ways to Look at Respect in Business

One of the most commonly claimed values in business is Respect. Just consider that 17 of the top 50 companies in the Fortune 500 listing include respect as a core value (note: Walmart refers to it as a belief).

However, while it might seem obvious what respect means to you, the truth is that every company defines respect a little differently.

So I wondered, does the size of the business make a difference?  How about the total annual revenue generated per employee?

It turns out there might be a correlation between how respect is defined and revenue per employee.

Respect at Top Producers

Here are three definitions of respect from companies that generate some of the highest revenues per employee:

• #12 Fannie Mae (financial services) – around $17.7 million per employee
  Our greatest strength is our workforce, rich in its differences. We recognize and value every individual’s unique skills and perspectives. We treat each other with dignity and respect, and foster a workplace free of discrimination and harassment. We extend our respect for individuals and their contributions to all our business relationships — with employees, shareholders, contractors, vendors, and customers.
• #14 McKesson (distribution / healthcare) – around $3.3 million per employee
  Our people treat each other, our customers and our vendors with dignity, consideration, open-mindedness and respect. By valuing diverse styles and skills, recognizing each individual’s contribution, and staying open to each other’s perspectives, McKesson cultivates an environment of innovation and collaboration — which pays off in the way we solve problems for our customers. 
• #27 Archer Daniels Midland (agriculture) – almost $3 million per employee
  We feel a deep and genuine regard for the safety and well being of all people, communities and resources, and we treat them with care and consideration. We demonstrate trust and openness. We are good stewards of the environment. 

These companies are very specific on what respect means in their organization. Also, the language is inclusive and friendly.

Respect at Bottom Producers

Now consider the definitions of respect from three companies that generate some of the lowest revenues per employee:

• #23 Kroger (retail / food) – around $282,000 per employee
  We treat all with dignity and value the opinions and perspectives of others.
• #34 Home Depot (retail / home improvement) – around $220,000 per employee
  A work environment of mutual respect and inclusion is essential to the success of The Home Depot and its associates. Diversity is valued as a way to better serve our broad array of customers.
• #1 Wal-Mart Stores (retail) – around $213,000 per employee
  From Walmart’s earliest days as a small discount store, we have emphasized the importance of respect for every associate, every customer and every member of the community.

Do you see a difference?

Of all the definitions listed above, which ones make you feel included as part of the team and that your contributions are truly valued? Which ones make you feel like just an employee and simply tell you what you must do?

Making a Difference with Respect

Now consider the meaning of respect as a differentiating value:

An attitude of admiration or esteem; courteous regard for others; or deference.

The question could be asked, is respect an attitude or a behavior? It can be both if defined well.

The secret to changing behavior in an organization is attitude. If employees feel respected – and valued – they in turn will respect others.

And…. If done right, it appears the financial pay-off can be significant!

 

What does respect mean to you?

 

Today’s value was selected from the “Fairness-Respect” category, based on the e-book Developing Your Differentiating Values.